For pple who know real estate, please help me with this. I am wondering what steps I should follow to buy a house. Is this procedure correct?
1. Find the house - includes checking crime in area, school district, potential for property appreciation, etc.
2. Borrow money (from bank, etc. at the lowest interest rate) with the house as collateral.
3. Pay for the house in full.
4. Pay back the loan to the bank in installments over a number of years (e.g. 20-30 years).
5. Keep refinancing the loan when interest rates fall.
Could someone please explain refinancing in brief and also how often one should do it? Thanks for your help.
2007-01-16
06:49:09
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7 answers
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asked by
JiveSly
4
in
Renting & Real Estate